i wish i had better news for you but it's probably not feasible in the short term to replace your W2 income with rental income. 

;(- if as-is value is less then the balance on the mortgage + arears OOOPS you need to have the owner work with the bank, you as the investor buyer AND a short sales expert often an agent work the tedious and usually failing short sale process. 

Quote from @Brendan Jones: When it's a home you intend to live in, I lean towards focusing on what you want, then making it work as best you can as a short-term rental.

Here’s the situation:Purchase Price: $540,000Down Payment: 20%Mortgage Rate: 7.125% (30-year fixed)Monthly Expenses (Mortgage, HOA, Taxes, Insurance): $3,706Realistic Max Rent: $3,000As you can see, I’m currently short $706/month even with max rent.

Feel free to reach out if you have any questions.The Short- Term Rental Loophole ExplainedThe Short- Term Rental Loophole Explained

.- Short-Term Rentals in Non-Traditional Markets: Secondary markets like Florence, Alabama, are ideal for short-term rentals.

You can protect yourself with a short contract period.

I think there's a path to refinance that would flip me into positive cash flow, but I'm coming up short on ideas. 

We are now doing short term rentals but we're thinking about changing to a small wedding venue. 

These are top drive-to destinations for much of the Southeast, so short-term rentals here can generate solid cash flow, especially during peak seasons.The area is also seeing steady growth, with more infrastructure and amenities being added to support visitors and new residents.